UTILITY, INC. ANNOUNCES 2023 YEAR-END RESULTS AND INNOVATIONS

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Feb 21, 2024, 11:00 ET

Technology company reports top performance with 38% increase in year-over-year revenue

ATLANTA, Feb. 21, 2024 /PRNewswire/ -- Utility, Inc., the leader in innovative, digital systems tailored for frontline professions, announced the close to its 2023 fiscal year, with annual revenues totaling $60 million, a 38 percent increase over 2022. Increased engagement with an expanded range of law enforcement including hospital, university, public school, and airport security agencies, paired with Utility's ongoing investment in new product offerings and international expansion, contributed to the company's performance. Notable 2023 financial insights include:

$71 million in total contract bookings for the year
42% increase in recurring revenue, year-over-year
58% increase in gross margin, year-over-year
178% increase in operating income, year-over-year
31% staffing increase, year-over-year

"As we conclude 2023, we are honored to be the evidence management technology provider of choice for our new and existing clients who trust Utility to provide the transparency they need to support community trust," said Utility President and CEO Michael Nark, "Our team continued to navigate the rapidly progressing technology and public safety environments, introducing new products and welcoming Greater Sum Ventures as majority investor in the company, positioning us for expanding services and continued growth. We look forward to the year ahead and continuing to innovate to meet the growing needs of law enforcement agencies around the world."

2023 Highlights

Additional key results supporting the Utility vision, to help clients save the day – every day – in 2023:

Platform Expansion

Surpassed 72,000 total users on the platform, across 346 active clients
276,048 cases created, representing a 49% year-over-year increase
20,826,839 incidents created within the platform, representing a 21% year-over-year increase
54,039,808 license plates detected with the Utility ALPR technology, representing a 341% year-over year increase
Received 6.7 petabytes in total incident and case uploads to the POLARIS™ platform, representing a 27% year-over-year increase
Continued progress towards FedRamp and StateRAMP readiness certifications, allowing Utility to pursue new growth opportunities within the federal market

Continued Innovation

POLARIS by Utility™: The latest iteration of Utility's digital evidence management platform, POLARIS 7.0 delivers enhanced capabilities for observing, collecting, analyzing and sharing digital evidence. With the technology, law enforcement gains the ability to capture evidence and enhance investigations through the integration of fixed cameras and mobile applications, along with expanded communication and alert capabilities.
TITAN by Utility™: Introduced in the first quarter of 2023, TITAN serves as a powerful operating force-multiplying capability for real-time crime centers, integrating existing fixed cameras into a real-time map view that enables law enforcement to respond quickly to unfolding incidents and investigate and solve more crimes. In addition to combining fixed camera video with Utility's existing police body camera, real-time mapping capabilities, and in car video, the technology integrates directly with POLARIS and offers capabilities like camera registry, crowdsourcing, transcription, translation, and enhanced map functionality.

Further complementing its strong annual financial results, Utility shared fourth quarter insights with the addition of 12 new agencies to the company's client roster including:

Police Departments

Public School Districts

State Attorney's Offices

Brookhaven, MS
Harlingen, TX
Lexington, IL
Log Lane Village, CO
Mont Belvieu, TX
Port Neches, TX
Bayfield, CO
Vermillion, SD
Galveston, TX

Indianapolis, IN
Spring Branch, TX

Alleghany County, MD

The strong quarterly performance was also supported by notable renewals with:

Atlanta, GA Public Schools
Aventura, FL Police Department
Brentwood, TN Police Department
Colorado Springs, CO Police Department
El Segundo, CA Police Department
Lilburn, GA Police Department
Murfreesboro, TN Police Department
Osmose Company, NJ

About Utility
Utility, the innovative technology-enabled service provider recognized for creating groundbreaking digital systems for frontline professions, provides a universe of intuitive products for effectively capturing, managing, and releasing video evidence. Technologies include a variety of cameras, sensors and devices as well as situational awareness software solutions for law enforcement, first responders, transportation agencies and utility providers. To learn more about Utility and its technology solutions, please visit utility.com.

SOURCE Utility Associates, Inc.